Listen to this article in summarized format
The Dow Jones Industrial Average rose 126.21 points, or 0.24%, to 52,503.78. The S&P 500 gained 0.33% to 7,748.03, while the Nasdaq Composite advanced 0.32% to 26,561.24.
Fed holds rates as December hike bets rise
The Fed left its key policy rate unchanged and upgraded its assessment of the economy, while acknowledging that inflation "remains elevated". At the post meeting press conference, Fed Chair Kevin Warsh said the central bank had made clear its willingness and readiness to act."The Fed didn't throw any curveballs," Ryan Detrick, chief market strategist at Carson Group in Omaha, told Reuters. "It was widely expected they'd hold, so no big surprise there."
"Market participants are getting more used to (Warsh's) style," Detrick added.
Markets raised their expectations of a December rate hike, with the probability of a 25 basis point increase climbing to 87.4% from 78.3% on Tuesday, according to CME's FedWatch tool, Reuters reported. Investors were also awaiting Thursday's Personal Consumption Expenditures report and advance third quarter GDP estimate for further clues on the economic outlook.
Chipmakers rebound as earnings take centre stage
Technology shares drew support from strength in semiconductor stocks after SK Hynix reported a more than sevenfold jump in quarterly profit. Micron Technology rose, while the Philadelphia SE Semiconductor index recorded its fourth consecutive daily gain, recovering from a recent selloff driven by concerns over heavy AI spending by major technology companies."The market realizes what the Fed did today is one thing, but are AI expenditures continuing?" Detrick said, according to Reuters, highlighting the focus on technology companies' spending plans.
Investors were awaiting quarterly results from Microsoft and Alphabet after the closing bell. With 200 S&P 500 companies having reported results, 84% had beaten consensus estimates, according to LSEG data cited by Reuters. Analysts estimated aggregate third quarter earnings growth of 31.8%.
Among individual stocks, Vertiv surged after raising its full year profit and revenue forecasts, while Robinhood slipped after cryptocurrency weakness weighed on quarterly profit. Boston Scientific fell after trimming its annual profit forecast, Reuters reported.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price